Sunday, October 23, 2016

Considering an Eastside condo? Good luck finding one


The June housing results for Los Angeles show that buyers still face intense competition even as more properties hit the market, according to Redfin.  The median price of homes sold in June across the city rose 7.3% from the same month last year to $590,000. With traditional single-family homes out of reach for many, condominiums remain a relatively affordable option. In June, for example, the median price of all homes sold in Silver Lake was $1.07-million. In contrast, the median price of Silver Lake condos sold last month was nearly 50% less at $558,000.  But condos remain relatively scarce on the Eastside.

With the exception of Monterey Hills, a planned community that is nearly all condos, the vast majority of Eastsides home for sale are single-family properties (that includes the many small-lot homes now being constructed). Of the 319 homes currently for sale on the Eastside, only 35 were condos. That’s only about 13% of the available inventory based on today’s figures.

In Silver Lake, only six of the current 39 properties on the market are condos, according to Redfin. They range from a $550,000, 2-bedroom on Griffith Park Boulevard to a $1 million, tri-level condo on Rowena Avenue.  A search for condos in Eagle Rock turned up only one property, a two-bedroom unit on Fair Park Avenue going for $410,000. There were no condos for sale in unincorporated East L.A.

Still, for the first-time buyers on a tight budget, it might be worth searching for the relatively rare Eastside condo.  The average asking price for the current crop of Eastside condos now on the market is $409,000. That 41% less than the $699,000 median asking price for single-family homes.

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  1. $400k still seems pretty steep for most young couples on a budget (especially when you factor in HOA fees.) And with housing prices creeping back up to 2008 bubble territory, one wonders if it’s actually a good idea to buy at all in most of the trendy “eastside” neighborhoods.

    On the brightside, if the current building boom in LA continues, and we do have another market correction (hopefully less extreme than the last one), there should be a surplus of supply available for those that are being thrifty and saving what they can in the meantime.

  2. The condos are in Glendale or downtown.

  3. Sounds like renters should prepare for another round of condo conversions.

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